The Central Bank of Kuwait imposed fines totaling KWD 255,000 on three unnamed local banks for breaches of its rules on combating money laundering and terrorism financing. The penalties followed inspections assessing compliance with requirements addressing money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction.
Two banks were fined KWD 110,000 each for repeated breaches of Clause 13 of the central bank’s instructions dated Feb. 16, 2023. The third received a KWD 35,000 fine for breaching Clause 13/1 of the same instructions. All three penalties were imposed under Article 15 of Law No. 106 of 2013 on combating money laundering and terrorism financing, as amended.